Bitcoin [BTC] price is trading in a tight $200 range between $9250 and $9450 for the last couple of days. The price of Bitcoin at 4: 30 hours UTC on 30th October 2019 is $9272.
The bullish break last week was instrumental in the scaring off the bears. However, the failing expectation of a continued bull run is causing high leveraged long liquidations at Exchanges. This could signal buyer exhaustion in the short-term.
The total amount of longs liquidations reported in the last 24 hours at BitMEX is 38.05 Million. Moreover, about $10 million in longs were liquidated at Bitfinex in the previous 6 hours as well.
Nevertheless, the hodler sentiments seem to be intact as the fear and greed index is stable above 50 for after the price surge. Hence, the price movement could also mean consolidation before another big move.
The BitMEX funding rate has also been positive since last week, signaling long inclination. According to trader CryptoFibonacci, another bullish break is around the corner. He tweeted,
$ Daily CME Futures.
Still a gap below, price is hugging the upper Bollinger Band, but is above the 50 ema (bullish). If me, I would be watching some kind of red to green type of day coming up.
Squeeze indicator has now fired off to the LONG side. # #
The whales have been known to trade against the tide to gain from smaller traders. Moreover, the recent surge was also heightened by a series of short squeezes of Bitcoin derivatives. Hence, it is likely that the prior bearish trend could reinitiate with a massive sell-off.
The bulls must hold support above the $9k levels to continue the surge after consolidation. However, a bearish break would re-test the 200-Day Moving average currently at $9000. The 100-Day moving average at $9615 on the daily is acting as resistance to the move.
Where do you think the price will break in the short term? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com